America’s moms, grandmothers, aunts, stepmoms and daughters will feel the love this Sunday to the tune of $18.6 billion, according to the annual Mother’s Day spending survey from the National Retail Federation.
Almost 87% of consumers plan to celebrate the holiday, spending an average of about $152, up from around $140 last year, the survey of about 8,700 consumers shows. And while traditional spending on flowers, cards and brunch reigns, almost 13% of consumers will give electronics such as tablets and digital cameras.
The 8% increase in spending is “significant,” says Mike Gatti, executive director of the Retail Advertising and Marketing Association and a senior vice president at NRF.
“We’re seeing that the consumer is feeling a little bit better,” he says, adding that Mother’s Day is second only to Christmas as the biggest gift-giving holiday of the year.
But it’s not just because people feel better about the economy, says Robert Passikoff, president of customer loyalty consultancy Brand Keys, which also conducted a Mother’s Day spending survey.
“Mother’s Day has become a more wide-reaching event,” Passikoff says, referring to the fact that people not only celebrate their mom on the holiday, but extended family members as well, making it a “real opportunity for retail.”
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SOURCE: USA Today